The first day of Global Fintech Fest (GFF) 2020 – the largest two-day virtual fintech meet-up saw powerful ideas and forecasts coming from several marquee global fintech and BFSI leaders.
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GFF, supported by World Bank and the United Nations Capital Development Fund (UNCDF), is organised by National Payments Corporation of India (NPCI) and the Fintech Convergence Council (FCC) of Internet & Mobile Association of India (IAMAI).
In a fireside chat, Paypal SVP and CTO Sri Shivananda described the interoperable IndiaStack coupled with Aadhaar and Indian Prime Minister Narendra Modi’s Jan-Dhan Yojna (PMJDY) as ‘Brilliant’.
“There is no technical stack in the world with a country’s name as prefix. What the Indian government and regulators have done together with the common national identity through a digital system and a common national API for payments, is nothing but brilliant. India is one of the first countries that has a platform first approach, with the platform being secure, robust and reliable. It is a role model for many other countries to follow,” he said.
Meanwhile, Amitabh Kant, CEO, NITI Aayog, Government of India said the future of lending will be Phygital. He bet big on digital lending as the next big driver in fintech, driven by retail loans. Kant said fintech is the shining star of India’s startup and technology ecosystem, enabling seamless transition from physically connected to a physically distant but socially connected environment.
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